The IRS today released an advance version of Notice 2020-48 that provides more time regarding the federal excise tax under section 4161(a) on sales of sport fishing equipment and under section 4161(b) on sales of archery equipment (bows and arrows). This relief is provided in response to the coronavirus (COVID-19) pandemic.
For the second calendar quarter of 2020 (April, May, and June) the due date for Form 720 and the related excise tax is July 31, 2020. However, today’s notice postpones the due date to October 31, 2020.
Notice 2020-48 [PDF 72 KB] thus postpones the time for filing the federal excise tax return and for remitting the related payments of the excise tax for the second quarter of 2020. The notice also postpones any related interest, penalties, and additions to tax, and further sets forth the procedures for taxpayers to follow in invoking the postponement.
For more information, contact a tax professional with KPMG’s Excise Tax Practice group:
Taylor Cortright | +1 (202) 533 6188 | firstname.lastname@example.org
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.